The Russian rouble has fallen to its weakest level in 10 months, losing around 20 per cent of its value since the start of December, as western sanctions, Moscow’s waning energy revenues and high military spending exert pressure on the currency.
With capital controls in place and foreign trading in the currency largely moribund, analysts said the value of the currency no longer reflected a forward-looking assessment of the state of the economy but more of a short-term snapshot.
“Trade flows have become the main factor behind the rouble moves,” said Natalia Lavrova, chief economist at BCS Global Markets.
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